Examples of Common Units in a sentence
The Board shall establish such vesting criteria and other terms and conditions applicable to awards issued under the Management Incentive Plan (the “Incentive Units”) in respect of the Common Units as it determines appropriate in its sole discretion (and, in the case of the initial grants to non-Director employees, in consultation with the CEO) and shall specify such vesting criteria and such other terms and conditions in the Management Incentive Plan and/or the applicable award agreement.
Subject to Section 3.9, Section 5.2, Section 5.3 and Section 5.5, a Member may Transfer all or a portion of its Common Units in the Company without the consent of the Board or any other Member.
For the avoidance of doubt, a Member shall no longer be a Member upon a (non-encumbrance) Transfer of all of such Member’s Common Units in compliance with and subject to, the provisions of this Article V.
A Member shall cease to be a member of the Company (a) upon the bankruptcy or involuntary dissolution of such Member or the occurrence of any of the other matters described in Section 21 of the Act with respect to such Member, provided that thereafter such Person shall only be entitled to the economic rights of an assignee of membership interests under the Act, or (b) upon a (non-encumbrance) Transfer of all of such Member’s Common Units.
All Common Units are identical to each other and accord the holders thereof the same obligations, rights and privileges as are accorded to each other holder thereof, except for any specific obligations, rights and privileges expressly set forth in this Agreement.